Economics 9708 · AS & A Level · Maximum and minimum prices

Maximum and minimum prices — practice question

Which statement concerning maximum and minimum prices is correct?

  • AWith an effective maximum price for a product, a shortage will develop.
  • BWith an effective maximum price for a product, the market price will rise.
  • CWith an effective minimum price for a product, rationing will be necessary.
  • DWith an effective minimum price for a product, the market price will fall.

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